Aadhaar Permitted as Valid Address Proof For Investors : SEBI

According to the Market regulator – Securities and Exchange Board of India (SEBI), investors can use ‘Aadhaar’ cards as a valid address proof for their accounts with mutual funds, brokerage firms, portfolio managers and other capital market firms.

The number displayed on ‘Aadhaar card’ is a 12-digit individual identification number issued by UIDAI (Unique Identification Authority of India) is permitted as a valid identity proof in the capital market.

There are other documents that are permitted to be used as address proof in the capital market. These include passport, driving licence, ration card, voter ID card, bank statement and utility bills. PAN (Permanent Account Number) card is permitted to be used as valid ID proof.

Recently, ‘Aadhaar’ is used as a valid ID proof and address proof document in the KYC (Know Your Customer) procedures in different sectors such as banks, insurance, telecom and many other services.

According to the circular issued to mutual funds, brokers, portfolio managers, depository participants, ‘Aadhaar’ can be used as proof of address in capital markets for KYC norms. Earlier, Aadhaar is recognised only as the proof of identity. Now, it can be used as proof of address in addition to proof of ID. SEBI communicated the same to the Association of Mutual Funds in India (AMFI) and KYC registration agencies.